Register now for our retail webinar: Improve your audience targeting with best practices. Learn data-driven strateg… https://t.co/OhH2xZofyj
Hyundai's Ascent outpaces Japanese rivals
It's no secret that Hyundai/Kia is on a roll. With a potent combination of aggressive pricing, leading-edge styling, competitive quality, impressive product replacement cadence and innovative marketing programs (including recently-announced guaranteed residuals), Hyundai is growing at leaps and bounds in the U.S. You don't have to see the data to realize this, all you have to do is look around you on the U.S. roads where Sonatas, Elantras and Sorentos are commonplace.
What is not widely known about Hyundai/Kia is that its growth in this country is occurring at a faster pace than that of any other offshore-based company that has sold vehicles here. As the accompanying table shows, if Hyundai maintains its 1Q pace and captures 8% of the U.S. light vehicle market for all of 2011, it will have climbed to that level faster than any of its Japanese rivals.
The OEMs' success is not heavily skewed to one make; Hyundai and Kia are both thriving. Each of these makes is among the top ten when ranked on either pure new vehicle registrations or year-over-year percent change in new registrations. In fact, the Hyundai make now ranks number six on new vehicle volume, outpacing Dodge, though only by a hair. This is a noteworthy change as Ford, Chevrolet, Dodge, Toyota, Nissan and Honda (not necessarily in that order) have occupied the top six spots for many, many years.
Hyundai will face at least two challenges as it tries to maintain its exceptional momentum. To keep gaining share, the company at some point will have to jump into the pickup market, and it will face formidable competition from the domestics, as Toyota has learned. Second, the price range of the products offered by the Hyundai make is wide, with the Accent at the low end and the Equus at the top. A frequently asked question is whether or not this range is indeed too wide for the purpose of creating a clear and distinct brand image.
Posted by Tom Libby, PolkInsight Advisor, Polk (05.16.2011)
- Major revision for global light vehicle forecast, production impacted well into 2022
- Medium Heavy Commercial Vehicles: The other face of the pandemic in Brazil
- Fuel for Thought: A Rocky Recovery in the Second Year of the Pandemic
- Substantial Internal Cannibalization for Incremental Models
- IAA Mobility 2021: Germany’s new auto show to focus on electric autonomous vehicles and mobility
- Hybrid: Bridge to Electrification – August 2021
- How will 5G impact the driving experience for the consumer?
- Brand Loyalty Among US Auto Consumers Drops to Six-Year Low
RELATED INDUSTRIES & TOPICS
Register now for our latest loyalty review webinar with Tom Libby on Tuesday, 9/28 at 1pm ET. Highlights: latest… https://t.co/07RHVNrVjj